Adani Enterprises Q1 net profit at Rs 557 cr

It has posted a net loss of Rs 278 cr in the same quarter of the previous fiscal

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Recognition of compensatory tariff and higher sales volume in power business helped Adani Enterprises Ltd. (AEL) post a net profit of Rs 556.74 crore for Q1 ended June 30 of fiscal 2014-15 on consolidated basis, as against a net loss of Rs 278.3 crore in the first quarter of previous fiscal 2013-14.

The flagship company of the Adani Group saw its consolidated total income grow by 40.86 per cent at Rs 16671.55 crore for Q1 of FY ‘15 as compared to Rs 11835.54 crore of corresponding quarter last fiscal.

Apart from power business, the company’s coal trading, ports and power businesses too showed robust performance.  On the standalone basis too, the company registered a net profit of a meagre Rs 1.03 crore for the quarter ended June 30, 2014 as compared to net loss of Rs. 135.9 crore for the quarter ended June 30, 2013. Total income of AEL on standalone basis increased to Rs. 4311 crore for the quarter ended June 30, 2014 from Rs. 3032.22 crore for the quarter ended June 30, 2013.

“Our improved performance has set the direction of growth as we see greater contribution from completed projects in our ports, power and mining verticals. With renewed efforts from new Government to address the concerns of fuel availability, rail infrastructure, transmission constraints, project approvals and debottlenecking of mining sector, we see greater growth opportunities in the sectors we operate,” stated Gautam Adani, chairman of Adani Group in an official communique.

Among its businesses, the company is scaling up its mine development and operations (MDO) and supplied 0.47 MMT of coal in Q1 FY’15 from ParsaKente block in Chhattisgarh. The company has completed the bankable feasibility study for the Carmichael Coal Mine and Rail Project (Project), it stated.